Slow weekend. Nothing beats a good short interview with Micheal Price on a few stock case studies and how he sees the market.
Notice that there are no technical analysis, not much talk on PE relative to the markets.
- 09:10: Its not about company at PE 12, Market is at PE 15, its about finding out how much as a businessman you will pay for a business
- 09:40: On Waiting
- 10:45: Waiting for bad news to happen is big for value investor
- 11:33: Hospira (HSP) consistent grower – Growth people selling to Value people
- 14:30: Sometimes value guys make mistakes, but onus is wait for bad news
- 15:00: Most of the work is preparing, finding out the yardstick rather than going in to buy
- 16:30: Companies that stumbled but have build up intrinsic value
- 16:31: Hess(Hes) Corp – Proxy fights and poorly run company
- 24:10: Banks in USA (UK banks have done lots of rights issue and run up)
- 26:40: Berkshire Hathaway will have a lot of questions such as tax, pensions. It is not a value stock in his books
- 28:40: Songbird Estates (SBD:LSE) – Property Stocks, NAV
- 31:06: Who Micheal Price taught:Seth Klarman (he says best financial writer, better than berkshire), David Winters (wintergreen)
- 34:00: How much cash to hold in the portfolio
- 35:30: On Europe Investing
- 37:20: On selling losers, On JC Penney, On the opportunity in JC Penney bonds
- 38:45: Illiquid stocks for institutional investor
- 40:30: If you did your due diligence, why only diversify to only own 2%, don’t put your eggs in one basket
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